Net sales and profit

January – September 2025

Group net sales decreased by one percent during January-September 2025 and amounted to SEK 41,464 million (41,912). Net sales for the latest rolling 12 month period amounted to SEK 58,249 million compared to SEK 58,697 million for the full year 2024. The share of public sector customers in net sales calculated on a rolling 12 month basis increased and accounted for 56 percent (54) and private customers for 44 percent (46).

Net sales in business area Construction decreased by four percent compared to the same period last year. The decrease is due to less activity in new housing production that has not been fully compensated for by other types of projects. Activity in business area Civil Engineering continued to be high during the period and net sales increased by six percent. Net sales in business area Industry decreased by seven percent. The decrease is mainly related to paving in Finland which in the corresponding period last year had higher volumes due to the Finnish government’s extra appropriations and to paving in Norway where a review of operations has been carried out. In addition, there has been less activity in construction system as a result of the weak housing market. In Project Development net sales increased by four percent and the increase is attributable to Property Development.

Group operating profit increased to SEK 1,630 million (1,508) and the operating margin improved to 3.9 percent (3.6). We have increased earnings in several of our operations during the period. The first quarter last year included a positive effect of SEK 220 million in business area Project Development as a result of the divestment of the shares in the joint venture Tornet Bostadsproduktion.

The operating margin improved in business area Construction to 2.2 percent (1.9) during the period and in business area Civil Engineering the operating margin improved to 3.9 percent (3.1). All in all, the operating margin for construction contract operations amounted to 2.9 percent (2.3). Operating profit in business area Industry improved during the period and the operating margin was 5.8 percent (5.1). Operating profit improved in mineral aggregates and concrete during the period while both construction system and rental operations were affected by the weak housing market and reported lower profitability. The operating profit in paving was relatively unchanged compared to the corresponding period last year. Operating profit in business area Project Development amounted to SEK 118 million (207) and the operating margin was 4.5 percent (8.2). Capital gains from divestitures of properties and shares in joint ventures in Property Development contributed by SEK 64 million (271). The comparable period included a capital gain of SEK 220 million from the sale of shares in the joint venture Tornet Bostadsproduktion. Profit contributions from joint venture companies have increased and amounted to SEK 116 million (56). A number of production starts in Housing Development had a positive effect during the period, although activity continued to be low. The operating margin in Housing Development was -1.0 percent (-3.3).

Seasonal variations

Group operations, particularly in Industry and Civil Engineering, are normally affected by fluctuations that come with the cold weather during the winter half of the year. The first quarter is usually weaker than the rest of the year.